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Using a debit card vs a credit card. Whats the real difference.

Staking Cake

As crypto rewards cards start hitting the market, you will notice that the first batch of cards are debit cards.  I received my Coinbase debit card about a year ago and finally set it up the other day.

Unlike a credit card, you need to have money physically in your account in order to debit.  With a credit card, you can charge up to your max and it is irrelevant to what you have in your account.  There are also some big difference with how the money moves and how much protection you have.

If some steals your credit card and charges items, you will almost always get your money back from the credit card company.  They blame it on the retailer that took the stolen card.

If you use a debit card to purchase something and you want to cancel the charge, you have a lot more trouble cancelling a payment than if you had used a credit card.

The way I look at it, if I am buying something where I might need to return it or there might be a problem like air travel, I want to use a credit card.  If it is something that I am going to consume and don't imagine there will be any issue, I use my debit card and earn my 4% XLM.  Those Lumens are starting to stack

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